Capgemini to acquire financial crime compliance division of US-based Exiger
The acquisition is aimed at bolstering Capgemini's offerings in financial crime, risk management, and regulatory compliance services
Bengaluru: France-based technology company Capgemini will acquire the Financial Crime Compliance division of US-based Exiger, the company said in a release.
The acquisition is aimed at bolstering Capgemini's offerings in financial crime, risk management, and regulatory compliance services.
Founded in 2013, the Financial Crime Compliance division of Exiger comprises a team of experts located in North America, EMEA and APAC. This team specializes in advisory, analytics and managed services relating to anti-money laundering, Know Your Customer (KYC), anti-bribery & corruption, suspicious activity monitoring, sanctions, transaction monitoring, and fraud. Its clients include major players in banking, capital markets and fintechs.
“As financial crime compliance requirements evolve, many banks are struggling to keep pace with changing regulations and cost of compliance,” Kartik Ramakrishnan, Deputy CEO of Capgemini’s Financial Services and member of the Group Executive Committee said. “This practice brings to Capgemini deep domain regulatory expertise to help us to further address growing client demand for these services. Their capabilities are highly complementary to Capgemini’s renewed market focus to drive transformation in partnership with CxOs. I am delighted to welcome them to the team,” he added.
Commenting on the development, “In an industry where compliance processes are still very manual, the end-client experience is an ongoing struggle. The cost of compliance continues to increase to keep up with evolving regulations. Yet the financial system stops only a fraction of illicit financial flows. The financial services industry is therefore poised to adopt expert-driven data and technology powered solutions to enable end-to-end FCC transformation,” said Samar Pratt, President of the FCC Division of Exiger.
Compliance is a growing space in the financial services sector with many IT firms strengthening their regulatory technology related offerings in recent time.